Market Analysis: Gold Price Signal Bearish Acceleration
Market Analysis: Gold Price Signal Bearish Acceleration
Gold price started a sharp decline from $2,450.
Important Takeaways for Gold Prices Analysis Today
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price rallied heavily above the $2,350 resistance. The price even spiked above $2,425 before the bears appeared.
A high was formed near $2,450 before there was a major decline. There was a move below the $2,400 support level. The bears even pushed the price below the $2,355 support and the 50-hour simple moving average.
It tested the $2,325 zone. A low is formed near $2,326 and the price is now showing bearish signs. Immediate resistance is near the 23.6% Fib retracement level of the downward move from the $2,450 swing high to the $2,326 low at $2,355.
The next major resistance is near a bearish trend line at $2,375. The trend line is close to the 50-hour simple moving average.
The main resistance could be $2,388 and the 50% Fib retracement level of the downward move from the $2,450 swing high to the $2,326 low, above which the price could test the $2,410 resistance. The next major resistance is $2,450.
An upside break above the $2,450 resistance could send Gold price toward $2,480. Any more gains may perhaps set the pace for an increase toward the $2,500 level.
Initial support on the downside is near the $2,325 level. The first major support is near the $2,312 level. If there is a downside break below the $2,312 support, the price might decline further. In the stated case, the price might drop toward the $2,250 support.
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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Gold price started a sharp decline from $2,450.
Important Takeaways for Gold Prices Analysis Today
- Gold price climbed higher toward the $2,450 zone before there was a sharp decline against the US Dollar.
- A key bearish trend line is forming with resistance near $2,375 on the hourly chart of gold at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price rallied heavily above the $2,350 resistance. The price even spiked above $2,425 before the bears appeared.
A high was formed near $2,450 before there was a major decline. There was a move below the $2,400 support level. The bears even pushed the price below the $2,355 support and the 50-hour simple moving average.
It tested the $2,325 zone. A low is formed near $2,326 and the price is now showing bearish signs. Immediate resistance is near the 23.6% Fib retracement level of the downward move from the $2,450 swing high to the $2,326 low at $2,355.
The next major resistance is near a bearish trend line at $2,375. The trend line is close to the 50-hour simple moving average.
The main resistance could be $2,388 and the 50% Fib retracement level of the downward move from the $2,450 swing high to the $2,326 low, above which the price could test the $2,410 resistance. The next major resistance is $2,450.
An upside break above the $2,450 resistance could send Gold price toward $2,480. Any more gains may perhaps set the pace for an increase toward the $2,500 level.
Initial support on the downside is near the $2,325 level. The first major support is near the $2,312 level. If there is a downside break below the $2,312 support, the price might decline further. In the stated case, the price might drop toward the $2,250 support.
Start trading commodity CFDs with tight spreads. Open your trading account now or learn more about trading commodity CFDs with FXOpen.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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